The crypto market is basking in the green as major assets experience an upward surge as anticipated by analysts.
The Uptober season met its expectations as major assets like Bitcoin surged close to their all-time high.
Bitcoin is currently exchanging hands for $72,274 just 2.0% shy of its all-time high of $73,737. Bitcoin has not hit this level since March this year.
Before dropping to $72,000 BTC price rose to highs of $73,001 across major exchanges, witnessing a 5.7% surge in 24 hours. This reveals that the bulls touched the psychological $73,000 mark again. While Bitcoin trades just below $72,274 at the time of writing, crypto analysts suggest bulls may not be done yet.
VanEck head of digital assets Matthew Sigel stated that the current market including the November 5 vote offers a bullish setup for Bitcoin.
Experienced and Veteran trader Peter Brandt added his voice to the existing bullish projection by other analysts suggesting that Bitcoin is headed to $94k.
“ B I T C O I N $BTC There are numerous ways to determine targets. One variable is whether a semi-log or linear scale is used Target of 94,000 is measured as the move of the triangle projected from the breakout level on a semi-log “Brandt Tweeted
Some analysts expect that a breakout past the all-time high will invite a breather as likely profits attract bids. However, the more bullish perspective is that the market is set to continue higher in the coming months.
This bullish sentiment is not leading to the upward surge of Bitcoin alone.
This developing sentiment has helped push most altcoins higher.
Ethereum is above $2,650, BNB is above $607, and Solana is at $181. Sui is up 24% to $2.03, while meme coins have also pumped, led by Popcat which recorded a 2.54% growth.
Despite the general surge of all crypto assets, some sectors have outpaced others and could continue to grow.
These sectors include Memecoins. AI tokens, Real-world assets, Bitcoin ecosystem, and decentralized Physical infrastructure network.
Memes led this park with a 219% year-to-date increase while AI tokens follow with 217% YTD then BRC-20 tokens with 217% YTD, while RWA (+134%) and DePIN (+73%) have topped amid the 2024 bull cycle.
What To Know
- Uptober is a phrase coined by crypto analysts and the global crypto community to mark the historical surge of crypto assets in October usually after a September meltdown. This year’s Uptober season has lived up to expectations with the month closing on a solid high and Bitcoin flirting around its all-time high.
- Despite the general surge in the market. some categories of the crypto ecosystem are not witnessing a surge. Social Fi, Metaverse, Governance tokens, and Layer 2 tokens are all witnessing negative YTD returns.